Hi guys
Its been a while for those of you that remember me you will be well familiar with how i trade.
those of you that dont you can look up the london break out stratergy other wise known as Win ratio.
i have written up a few rules for a new trading plan i am goin to start live trading next monday at the moment i have been demo traing it and it works ok as always i want to get a few followers to share ideas and improve what i think is already a profitable system
Below is my personal plan, again this is my own idea more a mish mash of idea’s althought there are lots of diffrent ways to trade it.
photos to follow later
Here goes
[B]Trading plan [/B]
[B]00’S[/B]
[B]Chart GBP/USD 4 Hour chart [/B]
Taking short positions from the zero’s i.e. 1.4900 or in my case 1.49000 with Alpari Uk
[B]ENTRY[/B]
[B]All orders are set as Sell stops [/B]
Leaving some room of 10 pips below the zeros, we will take this as our entry point with a target of 80 pips gross take profit.
[B]STOP LOSS[/B]
Straight 35 pip stop loss from the entry point you must add the spread on top of this i.e. if your spread is 3 pips your stop loss would be 38 pip above the entry price
[I]Example your stop loss would be 1.4920 if your entry was 1.4890.
Our backup will be when the price hits 30 pips below the 00’s line we will move our stop loss to break even[/I]
[B]Example if your pending order triggered at 1.4890 and the price now has dropped to 1.4870 you will move your stop loss from 1.4920 to 1.4887 if you are working on a 3 pip spread. (That’s to ensure if the price retracted you will not lose any money at this point)[/B]
[B]Take profit [/B]
Our target as already mentioned will be 77 pips net, 10 pips above the ideal target line of the next 00’s
1.4920
1.4890
[I]Example if your pending order triggered at 1.4890 your profit target will be set at 1.4810, setting them at these prices will give you 77 pips net profit and your 3 pips spread for the broker
[/I]